Rating agency warns about controversial school law

Part of a controversial and wide-ranging education bill (HB 7069) signed by Gov. Rick Scott could affect the credit ratings of some of the state's school districts, according to a report released Thursday by Moody's Investors Service.

The report said a requirement that school districts share construction funds generated by local property taxes with charter schools "is credit negative for school districts with significant charter enrollment."

The finding isn't a change to the districts' ratings, but could affect them in the future.

"As capital revenues follow students to charters, traditional schools' ability to cut capital expenditures will be tempered by aging infrastructure and the need to attract and retain students," the analysis said.

The bill, championed by House Speaker Richard Corcoran, R-Land O' Lakes, touched off weeks of debate, with major education groups urging Scott to veto it.

But Scott signed the measure last week.